CommerceCore™ Vendor Payments
How to Convert Abandoned Carts to Sales

Finding the right balance between providing an engaging experience for your customers and making sure they have what it takes to complete their purchase can be challenging. Sometimes this means reexamining how you are doing things, like if people keep abandoning carts because of long checkouts or low payment options then maybe those should be looked into further before any work begins on new features

It might seem intuitive that giving shoppers more time would encourage them stay put in store longer but there's actually data suggesting otherwise; some studies show just shortening pages leads users away faster than lengthening them does.

Payment gateways are vital to every e-Commerce business as is choosing an appropriate payment gateway for your e-commerce store. While choosing just one seems like a simpler idea, it will hurt conversions.

Having multiple payment options on your e-Commerce store will improve conversions and your brand image. Nowadays, consumers opt with e-Commerce stores for purchasing their daily needs. When it comes to e-Commerce stores, payment gateways play an important role.

Multiple payment options - Customer's fundamental demand for the final stage of the transaction process


As consumer demands continue to grow, offering high-quality e-Commerce experiences and enhancing the customer journey has never been more important for attracting and retaining online shoppers.

E-Commerce is a billion dollar industry that continues to grow as consumers demand more from their shopping experience. In order for retailers and brands alike, it's imperative they provide high-quality e-Commerce websites with personalized navigation so customers can easily find what they need on an online store without any hassle whatsoever at every stage of the transaction process--from finding something unique in your boutique or picking out clothes by style preference; all the way up until checkout where payments should be made quickly and securely too!

A new study by PPRO reveals that 44% of consumers will abandon a purchase if their favorite payment method isn’t available. In fact, this increases to 51% for Millennials (those born 1980-1993), closely followed by Generation Z (those born 1994-2001) at 48% – arguably the two most active generations when it comes to online shopping.


Shaping the future of online customer experiences


Before Covid-19, analysts predicted that online shopping will more than double its share of the retail market in the next ten years – this stat is likely to be even higher now. The growth in online sales means the retail marketplace will only become more crowded with multiple brands offering similar products at similar prices. Those who prevail and maintain a competitive edge will be the brands that provide a seamless customer journey – from start to finish.

By providing a range of payment options at the online check out page, retailers will be able to accommodate for both traditional and newer alternative methods. By acknowledging consumer payment needs, customers will have no reason to abandon their baskets at the final stages of completing a transaction.

While high cart abandonment rates may appear to be an unavoidable element of doing business in today's highly competitive retail market, they don't have to be. Conversion rates may have a negative influence on the performance of any business, regardless of size, especially in an already chaotic and uncertain economy. There are, however, obvious and effective actions that online brands can take to address the issue, just by being aware of today's consumer's payment demands.

Online shops can earn and keep consumers by providing checkout choices that offer simplicity, ease, and speed to every transaction - regardless of who the customer is, how much the product costs, or how the customer decides to pay. Those that recognize this truth will have the strongest position to compete in the developing digital retail sector.

What is website abandoned cart recovery in CommerceCore™


When customers make an order from a website and they can not complete a checkout process then at a defined time duration a cart is considered an abandoned order.

Abandoned cart recovery in CommerceCore™ is a simple email reminder system that helps your e-commerce business recover sales from shopping carts abandoned by potential customers. It brings back the visitors to complete their purchases and drives more revenue for you.

CommerceCore™ Website Abandoned Cart Recovery allows you to send email reminders to your valuable customers who abandoned the checkout process. Everyone does not check out after adding items to their shopping cart. Usually, they forget or, for other reasons, they have to leave in the middle and engage in other activities.

Consumers frequently input their contact information before making a purchase, or they are existing customers who have registered on your website. You may send email reminders to their supplied contact information, telling them about the things they failed to add to the cart. This way, sales that would otherwise be lost might be recovered.

How to set up email template for abandoned carts in CommerceCore™ 



For setting email template for abandoned carts in CommerceCore™, go to Website module - Settings - Orders - email for abandoned Carts.

Here we can also set time taken to consider a cart as an abandoned cart.


When you open the card you can edit the cart recovery email and also the related settings.




You can select Abandoned carts recovery from the website dashboard to get the list of Abandoned Carts.


Here you can see how many customers abandoned their carts, when, and how much the total was in their cart. The emails you set to send out are important because you can apply discounts to people that might return back and buy the items they had in the cart. 


Thanks to CommerceCore™ Merchant Operating System, all these features are already available.

You can select Send a Recovery Email and then click Sent, to send a recovery email.


Conclusion:


It’s clear that consumers expect a lot more from the brands they interact with. If you aren’t providing them what they want, then your competitors will take over—and fast. Abandoned cart recovery is a simple solution for any e-commerce business.

When customers abandon their carts, it not only means they won’t purchase anything from you today but will most likely never come back to your site again. It can be jarring and frustrating when visitors don’t complete the checkout process because something went wrong with the website or payment system and that leaves them feeling frustrated and unfulfilled.

Abandoned cart recovery is an easy way to drive up revenue for your e-commerce business without much effort at all. To help combat this problem we offer abandoned cart recovery in CommerceCore™ – an easy way to recover sales by sending out friendly emails reminding people of items left in shopping carts as well as follow up messages with coupon codes if needed.

We have created a YouTube video playlist explaining functional aspects of the CommerceCore™ MOPS platform in video format which will explain to you the various aspects of the operation of the platform. 

Schedule a demo with one of our team members to learn how CommerceCore™ Merchant Operating System can help you grow your bottom line today!

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Merchant Operating System (MOPS) refers to a type of software used by Shopify merchants to handle day-to-day online-business operations including warehouse management, multichannel product management, invoicing, payment tracking, order processing, and much more.

The Merchant Operating System also includes corporate performance management software to help with planning, budgeting, forecasting, and reporting.

The MOPS is built on the widely popular open-source ERP Odoo Enterprise Framework. 26000 apps/plugins/modules/extensions are available from an Integrated App Store.  We help our customers carefully pick and integrate apps based on their needs through our Professional Services.

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CommerceCore™ Vendor Payments
Nikola R. 2 December, 2021
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